Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly figure ever recorded through formal channels, according to the Central Bank of Nigeria (CBN). This brings the apex bank closer to its $1 billion monthly remittance target. Remittance inflows for the first seven months of 2026 reached $3.8 billion, a 50.2% increase compared to the same period in 2025. The growth follows reforms such as a market-determined exchange rate and the introduction of the Non-Resident Bank Verification Number.
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